Report: Amazon made $1B with secret algorithm for spiking prices Internet-wide

Amazing. And we keep letting these massive companies monopolize further. 😑

This is the best summary I could come up with:

Last week, the Federal Trade Commission sued Amazon, alleging that the online retailer was illegally maintaining a monopoly.

People familiar with the FTC's allegations in the complaint told the Journal that it all started when Amazon developed an algorithm code-named "Project Nessie."

The controversial algorithm was allegedly used for years and helped Amazon to "improve its profits on items across shopping categories" and "led competitors to raise their prices and charge customers more," the WSJ reported.

FTC spokesman Douglas Farrar told the WSJ that the agency wants more public access to redacted information in the complaint and continues to "call on Amazon to move swiftly to remove the redactions and allow the American public to see the full scope of what we allege are their illegal monopolistic practices.”

In a press release, the FTC confirmed that it intends to prove that Amazon is "stifling competition on price," among other alleged consumer harms.

"Seldom in the history of US antitrust law has one case had the potential to do so much good for so many people," John Newman, the deputy director of the FTC’s Bureau of Competition, said.

The original article contains 627 words, the summary contains 187 words. Saved 70%. I'm a bot and I'm open source!

That is why I am looking up price trends of more expensive things. Websites often even show you trends in different currencies. It is wild how much prices of everything fluctuate in recent years.